5. Closing Your Loan

Refinancing an existing loan is more that just about the interest rate.

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What do I Need to Bring at Closing

Once you’ve reviewed your estimated closing statement and agree with the charges, you’ll arrange for a time to attend your closing and sign your loan papers. You will need to bring a valid photo ID for identification purposes. If you’re going to the closing needing to pay certain closing costs, you can pay those costs with a cashier’s check or you can wire the necessary funds directly to your settlement agent. All parties that are on the loan application should be present for the closing.

At least one day before your scheduled close you will receive a closing disclosure which lists all the charges related to your new mortgage along with the loan amount, interest rate and other details. It is with this disclosure that you compare the closing costs initially introduced to you with the final amount. If you have any questions, speak with your loan specialist, who can walk you through the charges line by line.

As you approve your closing disclosure, your next stop is at the settlement agent. At your appointment you will sign all required paperwork, some of which you’ve previously signed. Many times in the instance of duplicate documents, a “live” signature is required where a copy of your signature is not.

One by one, your settlement agent will ask you to review and sign your loan papers and once you’ve completed your signing, the settlement agent will review your file and return to Majestic.

We will then review the signed documents to make sure the settlement was held appropriately and all required signatures are where they’re supposed to be. Once this has been determined, your loan is ready to fund.

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